Corvex Management has agreed to pay $1 million to settle a Securities and Exchange Commission complaint related to the activities of three special purpose acquisition companies co-sponsored by the hedge fund.
The regulator accused the activist hedge fund firm of failing to make timely disclosure of conflicts of interest and failing to adopt and implement “reasonably designed” written policies and procedures regarding Corvex personnel’s ownership interests in the SPAC sponsors, as well as Corvex’s practice of investing client assets in private placement in public equity, or PIPE,...
